EDM Council at work

Best Practices Program

BEST PRACTICES AGENDA

The Council launched a series of working groups to advance best practice in data management and to create a “data management playbook” providing best practice recommendations on the implementation of data management.

Data Management Business Glossary

We initiated a working group to create a Data Management Business Glossary. We defined six core data management categories (roles & responsibilities, provisioning, data quality, metadata, data architecture and governance) and identified over 120 business concepts to be defined.

The EDM Council has released the first three segments of the Data Management Business Glossary. We are seeking your feedback on any of the terms, definitions, synonyms and explanatory material. Please feel encouraged to direct all suggestions and alternative points of view to both Mark McQueen and John Bottega.

Critical Data Elements (CDEs)

Since the introduction of BCBS 239, banks have implemented or have begun to implement their CDE programs, yet there remains across the industry, uncertainty regarding the exact definition of a CDE, how is it designated, or how should it be used to satisfy the control requirement.

The working group objective is to harmonize definition and drive towards the creation of an agreed upon standard definition and operation model for CDEs. The execution of the CDE standards will be integrated into the DCAM defined Data Management Capabilities. The output of this effort will be shared with banks and regulatory bodies alike.

General Data Protection Regulation (GDPR)

Since the introduction of GDPR banks have struggled to define the overall operational impacts and specifically the implications to the data management program. As the deadline for compliance nears it is important to determine how executing the requirements for GDPR align into the overall data management capabilities of the organization and whether there are gaps in the capabilities.

The working group goal is to level-set the general obligations of the regulation but the primary purpose is to define the data and data management implications.

We believe the core issues are about data classification (with its links to content architecture), access control and governance. And we see a close parallel with the data requirements for information security so we’d like to explore that as well.

Data Quality

The primary goal of data management is to ensure that business (and regulatory) users have trust and confidence in data to be precisely what they expect it to be without the need for manual alignment or data reconciliation. The members of the EDM Council are working on translating this ‘prime directive’ into standardized predictable data quality objectives.

The Data Quality Working Group (DQWG) was created on demand from the financial institution members of the Council. Its formation acknowledges the importance of data quality assurance and recognizes the challenges in managing data quality as it moves through internal and external business environments.